Common use of Collateral Manager Compensation Clause in Contracts

Collateral Manager Compensation. As compensation for its administrative and management activities hereunder, the Collateral Manager or its designee shall be entitled to receive (but shall be permitted to waive by providing written notice of such waiver to the Collateral Agent at least one (1) Business Day prior to the Payment Date on which such payment is due and payable) the Collateral Management Fee pursuant to the provisions of Sections 2.7 and Section 2.8, as applicable. For the avoidance of doubt, the Collateral Manager may not defer all or any portion of the Collateral Management Fee. Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document, commencing on the Closing Date and continuing at all times while StepStone Private Credit Fund LLC or an Affiliate thereof is the Collateral Manager, the Collateral Manager, the Borrower and the other parties hereto hereby agree that no Collateral Management Fee shall be payable under this Agreement or any other Transaction Document, or the Collateral Manager otherwise waives payment of the Collateral Management Fee in its entirety. Any such waiver shall be permanent and irrevocable so long as StepStone Private Credit Fund LLC or an Affiliate thereof is the Collateral Manager.